Bitcoin reclaimed the $60,000 level, lifting major cryptocurrencies higher suggesting a potential long-term buying opportunity may be emerging despite lingering downside risks.

Notable Statistics:

• Coinglass data shows 97,328 traders were liquidated in the past 24 hours for $398.51 million.      
• SoSoValue data shows net outflows of $222.6 million from spot Bitcoin ETFs on Tuesday. Spot Ethereum ETFs saw net outflows of $27.6 million.
• In the past 24 hours, top gainers include MemeCore, Jupiter and Venice Token.

Notable Developments:

• Bitcoin Flashes Rare Bottom Signal: Could $60,000 Be the Spot to Buy?
• Bitcoin’s Down Over 50%, But The Thesis Isn’t Broken, Industry Veteran Says: Watch These Catalysts
• Michael Saylor Says ‘AI-Driven Black Hole’ Diverts Capital Away From Bitcoin
• Bitcoin Cratered 20% in June as ETFs Bled $4.5 Billion: What’s Next for BTC?

Trader Notes:

Crypto chart analyst Ali Martinez says the monthly charts for Bitcoin, Ethereum, XRP and Solana are flashing Tom DeMark (TD) Sequential buy signals, a technical indicator often associated with trend exhaustion and potential reversals.

This suggests selling pressure may be fading and could mark the formation of a long-term market bottom.

Trader Jelle explained that historically Bitcoin bear markets have tended to bottom roughly a year after they begin, despite sentiment often feeling most pessimistic near the end of the cycle.

If the current cycle follows a similar timeline, the market could be about 75% through the downturn, indicating that the final phase of the bear market may be approaching. However, analysts caution that history does not guarantee the same outcome.

Trader KillaXBT expects short-term relief for Bitcoin despite maintaining a bearish longer-term outlook.

After sweeping major liquidation levels, BTC could stage a temporary rally before potentially making one final move toward the low $50,000 range.

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